– Gold price: Increases
World gold prices on the afternoon of May 2 reversed to increase sharply; Domestic gold prices on May 2 also recovered after two sessions of decline.
According to records on the afternoon of May 2, the price of gold on the domestic market is listed specifically as follows:
SJC gold in Hanoi and SJC gold in Da Nang: 82.9 million VND/amount purchased (down 100,000 VND/amount purchased), 85.1 million VND/amount sold (down 100,000 VND/amount sold).
SJC Phu Quy gold: 82.9 million VND/tael purchased (up 300 thousand VND/tael compared to yesterday), 84.9 million VND/tael sold (up 200 thousand VND/tael compared to May 1) .
DOJI gold in Hanoi is 82.8 million VND/tael purchased, 85 million VND/tael sold (an increase of 200,000 VND/tael purchased; an increase of 200,000 VND/tael sold compared to May 1).
DOJI in Ho Chi Minh City 82.7 million VND/buy amount, 84.9 million VND/sell amount (up 100 thousand VND/buy amount; up 100,000 VND/sell amount compared to May 1) .
PNJ gold in Ho Chi Minh City and PNJ gold in Hanoi: 73.4 million VND/tael bought, 75.1 million VND/tael sold (down 400,000 VND/tael in both buying and selling compared to on May 1).
SJC gold price at Bao Tin Minh Chau Co., Ltd. was also traded by the business at 82.75 million VND/tael purchased; 84.75 million VND/tael sold (an increase of 150,000 VND/tael of afternoon tea purchased and an increase of 100,000 VND/tael of afternoon tea sold compared to May 1). As for Bao Tin Manh Hai, it is being traded at 82.65 million VND/tael bought – 84.60 million VND/tael sold (equal to the buying price and down 100,000 VND/tael sold compared to day 1). /5).
World gold prices recovered on May 2. At noon on May 2, the gold price was trading around 2,320 USD/ounce. Currently, the world gold price converted at the listed exchange rate is about 71.3 million VND/tael, about 3.8 million VND lower than gold rings and about 13.4 million VND/tael lower than SJC gold bars.
World gold prices increased sharply because the US Federal Reserve (Fed) continued to keep interest rates at the highest level in 23 years, as inflation continued to be high. At the same time, reject the possibility of increasing interest rates in June. Currently, reference interest rates in the US are at 5.25-5.5%, maintained from July 2023.
– Bitcoin falls through the $57,000 mark
Bitcoin did not receive much price momentum as monetary policy in the US continued to be tightened and negatively impacted the flow of risky investment capital.
According to data from CoinMarketCap, Bitcoin price continued to witness strong corrections, at times falling below the 57,000 USD/BTC mark. At the end of April, the world’s largest digital currency fell about 15%, the worst decline since November 2022, and was trading at its lowest level since late February.
Bitcoin’s plunge also caused 100,450 derivatives accounts to be liquidated with a total loss value of up to 365 million USD.
CNBC said that Bitcoin’s developments occurred in the context of the Fed’s decision to keep interest rates unchanged after the meeting in early May. Since July 2023, the US operating interest rate has always been in the range of 5.25-5, 5%.
“The macro backdrop is not favorable for assets that thrive on liquidity like cryptocurrencies. Tough regulatory policies have tightened liquidity since mid-April,” said Geoff Kendrick, head of digital assets research at Standard Chartered.
In the same vein, Zach Pandl, head of research at Grayscale Investments, said higher real interest rates have supported the USD and put pressure on Bitcoin over the past month.